U.s. Debt Limit | featured news

The Senate majority leader says budget reductions must be accompanied by tax reform. He predicts that negotiations on the nation's debt limit will drag until the 11th hour. Senate Majority Leader Harry Reid (D-Nev.) says tax loopholes must be addressed ...

Treasury Secretary Timothy Geithner said Monday that he will immediately halt investments in two big government pension plans so the government can continue to borrow money....

The Treasury has told lawmakers a roughly $2 trillion increase in the legal limit on U.S. federal debt was needed to ensure the government can keep borrowing through the 2012 presidential election, sources with knowledge of the discussions said.

Senate Democrats on Wednesday proposed allowing the federal government to borrow an additional $1.9 trillion to pay its bills, a record increase that would permit the national debt to reach $14.3 trillion.